Reckitt Benckiser Group PLC (RBGPF.PK,RB.L) reported first-quarter revenue of 2.64 billion pounds, an increase of 15%, on reported basis, from last year. The Group said it is on track to achieve fiscal 2017 net revenue target of 3% LFL growth. The Mead Johnson acquisition is progressing well and continues to expect completion by the end of third-quarter.
The Group noted that the Indian government is planning to implement a Goods and Services Tax from 1 July 2017. The full year accounting impact of the move is expected to be a reduction of approximately 40 million pounds in net revenue - which the Group will adjust for in its LFL Net Revenue reporting. The Group noted that the ongoing impact on profit is expected to be small, though this is subject to the detailed product classifications.
Reckitt Benckiser is undertaking a strategic review of its Food business. The Group said it will explore a range of options before reaching any decision and will update the market when appropriate.
by RTT Staff Writer
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